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Eyes on amended AML enforcement decree as industry fears burden from digital asset rules

South Korea\'s digital asset industry is watching proposed amendments to enforcement and supervisory rules under the Special Financial Information Act set to take effect in August. The draft strengthens screening requirements for reporting by digital asset service providers and expands anti-money laundering duties for transfers. It would extend the travel rule to transfers under 1 million won and require additional steps for receiving providers. It also sets reporting duties for certain overseas transfers and tightens customer verification and entry reviews.

Crypto

FIU fines Coinone 5.2 billion won and imposes partial business suspension for 3 months

South Korea’s Financial Intelligence Unit (FIU) said on April 13 it decided to impose a 5.2 billion won fine on digital asset exchange Coinone and suspend part of its business for three months. It also decided to issue a disciplinary warning to the chief executive. During the suspension, existing customers can trade without restrictions, while new customers face temporary limits on external virtual-asset transfers.

Crypto

Court cancels 3-month partial suspension order on Upbit, Dunamu wins first trial

Dunamu, operator of digital asset exchange Upbit, won a first-instance administrative lawsuit challenging a 3-month partial business suspension imposed by South Korean financial authorities. The Seoul Administrative Court ruled in Dunamu’s favour in a case against the Financial Intelligence Unit under the Financial Services Commission. The court said clear rules exist to block transactions with unreported digital asset businesses for trades of 1 million won or more, but regulation is insufficient below that threshold.